The estate planning is a multi-layered process that requires individuals and business owners to be well-versed on tax law, wealth building and transferring assets to beneficiaries. However, an often-overlooked planning component involves making sure that executors are also educated on the process and able to meet a person's wishes. 

An executor is a person responsible for properly carrying out the terms set forth in the will. This is not always an easy process when dealing with complex estate issues, such as debt, taxes, considerable wealth and assets and trusts. To ensure that wealth is effectively passed on to beneficiaries without issues, it's important that individuals ensure their executor is informed. This includes disclosing their financial condition, including outstanding debts.

A common problem than often arises is failing to inform executors about the location of important paperwork and documents they will need to carry out the policyholder's wishes, Fox Business reports. As a result, paying creditors, resolving tax issues and distributing wealth to heirs can be delayed. To avoid these issues, individuals are encouraged to set up a meeting with their executor whether it's a spouse, family attorney or relative to identify assets and accounts and provide any security information they may need.

Lastly, it's important for those with significant assets to assign some assistance to executors, such as an attorney or accountant. Executors who face a complex estate may be more likely to make mistakes that can lead to tax issues, personal liability or probate problems. Ensuring the executor has a professional to consult can mitigate these risks and ensure wealth is passed on to heirs quickly and efficiently.